Management Consulting
Aon
Full Credential Description
Public sector organizations face significant challenges in managing cyber risk, particularly due to the increasing reliance on digital technology and the sensitive nature of the data they handle. Aon identified that many public sector entities were unprepared for the evolving cyber threat landscape, which has seen a dramatic rise in ransomware attacks and data breaches. For instance, the National Cyber Security Centre reported that 81% of large companies experienced a security breach, with the average cost of such breaches ranging from £600,000 to £1.15 million. Additionally, regulatory pressures, such as potential fines under GDPR, further complicate the landscape for these organizations. To address these niche issues, Aon provided a tailored solution that included a comprehensive cyber risk management strategy. This strategy involved several key steps: identifying critical data and systems, establishing an incident response plan, developing a regular cyber risk assessment program, and maintaining a holistic cyber security program that encompasses preventive, detective, and reactive measures. Aon also introduced the Cyber Quotient Evaluation (CyQu), a survey designed to assess an organizations cyber maturity across eight critical control areas. This evaluation not only highlights vulnerabilities but also offers actionable remediation strategies to enhance cyber resilience. The results of implementing Aon's solutions were significant. Organizations that engaged with the CyQu tool gained valuable insights into their cyber risk profile, enabling them to allocate resources more effectively and engage in informed discussions with underwriters about their specific risks. This proactive approach not only improved their overall cyber security posture but also helped mitigate the financial and reputational risks associated with potential cyber incidents. By fostering a culture of data protection and enhancing their cyber risk management capabilities, public sector organizations can better leverage digital technologies while safeguarding against the threats they face.